Prysmian S.P.A. Announces First-Half 2010 Results
Tuesday, Aug 03, 2010
2ND QUARTER IMPROVING: ORGANIC CHANGE IN SALES +4.3% (-11.2% IN 1ST QUARTER)
ADJ EBITDA EURO 106 MILLION IN 2ND QUARTER VS EURO 75 MILLION IN 1ST QUARTER
ORDER BOOK FOR HIGH VOLTAGE AND SUBMARINE CABLES CLIMBS TO EURO 1.4 BILLION AS OF JULY
Results at 30 June 2010
_ SALES: EURO 2,148 MILLION VS EURO 1,848 MILLION IN 1ST HALF 2009 (ORGANIC CHANGE -3.4%)
_ ADJ EBITDA1: EURO 181 MILLION VS EURO 193 MILLION IN 1ST HALF 2009 (-6.5%)
_ ADJ OPERATING INCOME2: EURO 143 MILLION VS EURO 161 MILLION IN 1ST HALF 2009 (-11.0%)
_ ADJ NET PROFIT3: EURO 77 MILLION VS EURO 94 MILLION IN 1ST HALF 2009 (-18.1%)
_ NET FINANCIAL POSITION AT EURO 675 MILLION FROM EURO 660 MILLION AT 30 JUNE 2009 FY 2010 ADJ EBITDA TARGET CONFIRMED IN THE RANGE OF EURO 350 – 400 MILLION
Milan, 3/8/2010. The Board of Directors of Prysmian S.p.A. has approved today the Company's consolidated results for the first half of 20104.
MARKET SCENARIO
After a still uncertain start of the year, the second quarter reported the first signs of recovery in demand across all the Group's businesses, also driven by higher seasonal sales. To be remarked that, after several negative quarters, organic growth has come back to a positive sign (+4.3%) and profitability has improved, with second-quarter adjusted EBITDA up to Euro 106 million from Euro 75 million in the first quarter and also higher than Euro 103 million reported in the second quarter of 2009.
"Prysmian has been quick to take up the opportunities arising from the first signs of market recovery – comments CEO Valerio Battista - with a major improvement in Group’s second-quarter results. Volumes have started to grow again even in the businesses most affected by the crisis, like those involved with the construction industry. Prysmian has confirmed its technological and market leadership in higher value-added businesses, securing contracts for some of the major power transmission and offshore wind farm projects.
Not only we shall be producing the world's first 300 kV HVDC cables, but we have also secured a contract in Abu Dhabi for one of the longest EHV links planned in the Middle East. Prysmian is also following with attention the development of strategic renewable energy projects in Europe: we have formed together with some other major companies ’Friends of the Supergrid’ to promote the creation of a supergrid in Northern Europe and we have joined the ‘Transgreen’ project to carry solar energy generated in the Sahara to Europe. Also thanks to new contracts secured, our order book for high voltage and submarine projects climbed to some Euro 1,400 million as of July. Based on this scenario we can confirm our year-end profit targets", concludes Battista.
Source: Prysmian
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